GS Caltex to sell part of stake in GS Power

GS Caltex Corp. plans to sell part of its stake in wholly owned unit GS Power Co. to focus on its refining, petrochemical and lubricants businesses, a company spokesman said. GS Caltex will accept indicative bids until November 14, without elaborating on the size of the stake it plans to sell or the potential size of the deal. The company, which is an equal joint venture between South Korea’s GS Holdings Corp. and Chevron Corp. has appointed Deutsche Bank as the manager of the deal. However, local media reported that the company will sell half of its stake to raise about KRW500 billion (US$447 million) via the sale. (November 2, 2011)